Cap-and-Trade Supporters Care About Politics, Not Environment

In just the past week, three events in our nation’s capitol have provided further evidence that cap-and-trade is more of a political issue than an environmental one. Here’s the run down:Forecasted Price Tag:The first item to consider is the newly-released Congressional Budget Office report on Waxman-Markey. The analysis found that over the next 10 years the federal cap-and-trade system outlined in the bill would directly increase federal spending by more than $820 billion, in addition to another $50 billion in discretionary spending. Since the measure is, at best, projected to raise $846 billion, this carbon trading plan would quite possibly end up adding to the $1.85 trillion deficit.

Committee Blitz: As the environmental and economic problems with Waxman-Markey become increasingly apparent to lawmakers and the voting public, the political support for the bill strains. That’s why cap-and-trade advocates are experiencing a sudden need for speed. Just last week, House speaker Nancy Pelosi announced that she wants committees to finish all work on the bill by June 19.

This break-neck deadline gives lawmakers little time to consider the CBO’s staggering estimates, much less to accurately assess the potential costs not covered by federal researchers.

This measure would all but guarantee a steady price CO2 that encourages U.S. companies to invest in more efficient energy sources and technologies. Plus, its revenue could be given back to the American people and invested in low-carbon technology.

Even without a CBO analysis, it’s easy to see that this alternative emissions policy is a deal Congress cannot afford to pass up.